Central bank unveils plan on digital currency

The big new tech news recently has been the launch of Libra a Block-chain-based payment system and currency unit promoted by Facebook

"If [Libra] is widely used for payments, cross-border payments in particular, would it be able to function like money and accordingly have a large influence on monetary policy, financial stability, and the global monetary system?"

The recent unveiling of the Libra White paper has got pretty much everyone from crypto enthusiasts to national governments hot and bothered for all sorts of reasons.

Contextualizing this trend more broadly, Zhou reportedly claimed that "people valuing Libra is inseparable from the global dollarization trend", and that the imperative for China is to maintain a strong monetary status, take precautions and pursue rigorous policy research.

PBoC officials voiced worries that the new digital currency could have destabilising effects on the financial system and stated the bank would step up its own efforts to create an e-currency.

One thing China wants to know is what role the U.S. dollar will play in the basket of fiat currencies that will supposedly back Libra coins.

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He adds, "If the digital currency is closely associated with the US dollar, it could create a scenario under which sovereign currencies would coexist with USA dollar-centric digital currencies".

He said that if Libra can be successfully launched, it may challenge the existing United States dollar-centered worldwide monetary system, a possibility that must be closely monitored. Libra is a new cryptocurrency, a digital currency developed by Facebook that uses cryptography and powered by Blockchain, a method of protecting information, to verify transactions.

Among those to work on the project will be Peking University, Zhejiang University, Shanghai Jiao University and Renmin University.

The India crypto space has been facing severe heat from the financial regulators in the country, with the Reserve Bank prohibiting local banks from dealing with digital currencies. "Like other regulators around the world, MAS will make an informed assessment of the potential benefits and risks of Libra once these details become clear".

The lack of explanation of the design behind Facebook Libra has made the Indian government skeptical. "China will push forward the establishment of unified standards and regulatory rules", said Wang.

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